S&P Global Ratings today reviewed its national scale ratings on Nigeria-based financial institutions, which it had placed under criteria observation (UCO) after the revision of its national scale rating criteria and the subsequent recalibration of its mapping table for Nigeria.

As a result of this review, we have raised our national scale ratings on Access Bank PLC, Guaranty Trust Bank PLC, Stanbic IBTC Bank PLC, United Bank for Africa Plc, and Zenith Bank PLC to 'ngA/ngA-1' from 'ngBBB/ngA-2'.

We raised our national scale ratings on First Bank of Nigeria Ltd., Fidelity Bank PLC, and First City Monument Bank PLC to 'ngBBB/ngA-2' from 'ngBB+/ngB'. Finally, we raised the ratings on Diamond Bank PLC and FBN Holdings PLC to 'ngBBB-/ngA-3' from 'ngBB/ngB' and 'ngBB+/ngB', respectively (see the ratings list below for the full details). At the same time, we have removed the UCO identifier on these ratings.

For the new mapping, please see "Methodology For National And Regional Scale Credit Ratings," and the guidance document "S&P Global Ratings' National And Regional Scale Mapping Specifications," both published June 25, 2018, on RatingsDirect.

These rating actions do not reflect any change in the fundamental credit quality of the issuers. Our global scale issuer credit ratings on the entities are not affected by today's rating actions. National scale ratings express our opinion of the creditworthiness of an issuer or a debt instrument relative to other issuers in a given country.

Related Criteria

• General Criteria: Methodology For National And Regional Scale Credit Ratings, June 25, 2018

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